---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-249438"
form_type: "8-K"
ticker: null
cik: "0001501756"
company_name: "Adverum Biotechnologies, Inc."
filed_at: "2025-10-24T23:59:59+00:00"
generated_at: "2026-05-17T02:19:52.145196+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 1.0
calibrated_materiality_score: 1.0
confidence: "high"
source: SEC EDGAR
---

# Adverum Biotechnologies to be acquired by Eli Lilly for $3.56/sh plus CVRs worth up to $8.91/sh

## Summary
- Acquisition price: $3.56 per share cash plus one non-tradable CVR per share with potential payments up to $8.91 upon milestones.
- CVR milestones: $1.78/sh upon US regulatory approval for wet AMD (ADVM-022) by year 7; $7.13/sh if annual net sales exceed $1B by year 10.
- Eli Lilly provides $65M secured promissory note (SOFR+10%) with up to four advances through Dec 2025, maturing Jan 22, 2026.
- Merger via tender offer followed by Section 251(h) merger without stockholder vote; minimum tender condition of majority of shares.
- Adverum Board unanimously recommends tendering shares; termination fee of $4M payable by Adverum under certain circumstances.

## SEC filing metadata
- accession: 0001193125-25-249438
- form_type: 8-K
- cik: 0001501756
- company_name: Adverum Biotechnologies, Inc.
- filed_at: 2025-10-24T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 1.0
- calibrated_materiality_score: 1.0
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1501756/000119312525249438/0001193125-25-249438-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1501756/000119312525249438/d70157d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-249438
- JSON: https://secwatch.observer/filing/0001193125-25-249438.json
- Plain text: https://secwatch.observer/filing/0001193125-25-249438.txt

## Key facts
- Debt Financings
  Adverum Biotechnologies, Inc. incurred loan.
  - Instrument: loan
  - Event: incurrence
  source text: Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 of this report under the caption titled “Secured Promissory Note”, including Exhibit 10.1 attached hereto, is incorporated by reference in this Item 2.03.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1501756/000119312525249438/0001193125-25-249438-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.